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Gold/Mining/Energy : Kensington Resources Ltd. (V.KRT) * Diamond in the rough!
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To: Sieg who wrote (4758)5/25/2000 11:54:00 AM
From: Ross Mickey  Read Replies (1) of 5206
 
Kensington receives private placement funds

Kensington Resources Ltd KRT
Shares issued 24,670,435 May 23 close $0.25
Wed 24 May 2000 News Release
Mr. David Stone reports
Further to news in Stockwatch March 8, 2000, announcing a private placement
of special warrants at 27 cents per special warrant, the company has
received subscription agreements and funds totalling $553,079. Subject to
final acceptance by the Canadian Venture Exchange, the company intends to
issue a total of 2,048,441 special warrants at a price of 27 cents per
special warrant. Each special warrant shall be convertible for no
additional consideration into one unit of the company comprising one common
share and one non-transferable share purchase warrant. Each share purchase
warrant shall entitle the holder thereof to purchase one additional common
share in the capital of the company at a price of 37 cents for a period of
one year from closing. Subject to regulatory approval, commissions
totalling $46,334 in cash shall be payable to two parties who are at arm's
length to the company.
The company intends to file an annual information form with the B.C.
Securities Commission. Upon the filing of the company's AIF, any securities
issued pursuant to this private placement or upon exercise of the share
purchase warrants shall be subject to a hold period expiring four months
from closing.
The proceeds of the private placement will be used to finance the 2000
exploration program at the Fort a la Corne diamond project in Saskatchewan
as well as for general working capital. The Fort a la Corne diamond project
is a joint venture among Monopros Limited, a wholly owned subsidiary of De
Beers (38 per cent), Cameco Corporation (14 per cent), UEM Inc. (10 per
cent) and Kensington Resources Ltd. (38 per cent). The Fort a la Corne
kimberlite cluster is one of the largest clusters in the world containing
71 kimberlite bodies.
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com
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